Private Equity

PE Fund Investments

Brookfield buys 51% stake in renewable energy firm Clean Max Enviro for Rs.2,500-Cr

Economic Times  

Canadian investment firm Brookfield has picked up a 51% stake in Mumbai-based Clean Max Enviro Energy Solutions, which supplies renewable energy to commercial and industrial establishments. The investment - a total of INR 2,500 crore - will largely be a secondary sale of shares by existing shareholders with a small tranche of primary infusion into the company. The residual 49% stake will be largely held by US-based investor Augment Infrastructure and Clean Max founder Kuldeep Jain. Clean Max has over 1,600 MW of operational capacity, including about 350 MW of wind power. Clean Max has also expanded its operations across emerging markets with a presence in UAE, Thailand and Bahrain. With this deal Brookfield will have over 9 GW of diversified renewable energy assets across wind, solar and hybrid assets in various stages of operations and development across seven different states, in India. Prior to the Brookfield deal, Augment Infrastructure held a 53% stake in the company as of 31 March 2022, while founder Kuldeep Jain held 16.48% and UK Climate Investments held 17.58%, with a few other shareholders such as Godrej Industries and Nadir Godrej holding small stakes. In 2021, Augment acquired its 53% stake in CleanMax for INR 1,650 crore. This involved a purchase of the stakes held by Warburg Pincus and International Finance Corporation.